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Council hears Penrose rental and tax‑exemption accounting; approves $169,000 RLF loan for Brownfield remediation at Vinnie’s
Summary
Economic development staff presented Penrose riverfront rent and tax‑exemption calculations showing the developer’s agreement offsets affordable rents; council approved a $169,000 revolving loan fund (RLF) loan to Safiri Properties for remaining soft costs to remediate the Vinnie’s Brownfield site.
Economic development staff presented financial illustrations for the Penrose riverfront apartment project and how the developer’s 16‑year tax‑exemption agreement supports below‑market rents in affordable units. Staff showed the difference between area‑median‑income (AMI) rent limits and what the developer charges, and…
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